India Insurance Startup Raises Funds At $650 Million Valuation

(Bloomberg) -- Indian startup InsuranceDekho has raised $60 million in Series B funding, driving the online insurance seller’s valuation to more than $650 million.

Investors including Japanese giant Mitsubishi UFJ Financial Group Inc. and insurer BNP Paribas Cardif participated in the funding round, InsuranceDekho said in a statement. The company’s names means “look for insurance” in Hindi.

“We will use this money for M&A opportunities, to build a strong tech product team, for branding and we’re going to use it to open new business lines like getting into reinsurance,” Ankit Agrawal, the founder and chief executive officer of InsuranceDekho, said in an interview.

Existing investors including TVS Capital and Goldman Sachs Asset Management were also involved in the funding round.

The deal comes as India’s startup economy is in the throes of a funding slowdown. Its poster child, ed-tech firm Byju’s, is desperately trying to restore investor confidence. InsuranceDekho, based on the outskirts of Indian capital New Delhi, had raised $150 million earlier this year.

The company should break even for the quarter ending in December, Agrawal said, adding that he expected it to be profitable on an annual basis starting in the next quarter. 

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